If/when cryptocurrencies based on official legal tenders become the new banter of the financial market, China has the potential to top the list by being one of the early adopters.
China introducing its own cryptocurrency based on its legal tender Yuan is one of the much-anticipated news of the cryptospace. Nevertheless, things have slowed down due to numerous reasons such as the Bitcoin crash, the current pandemic Coronavirus and much more.
While companies are laying off employees, and people are reporting bankruptcy, Alibabas Alipay has been registering several patents for Chinas own cryptocurrency.
Recently, a Chinese local blog reported that Alipay has been making preparations for the central banks cryptocurrency.
From February 21st to March 17th, 2020, Alipay has disclosed five patents related to the digital currency of the central bank. [You can find all the patents here]
On 21st, Method and device for executing transactions with digital currencies and electronic devices was registered followed by A method and device for managing accounts in digital currency on the 25th.
On 28th they published, a method and device for opening a wallet in digital currency and electronic device and recently on March 17, Alipay issued a patent on a digital currency-based anonymous transaction method and system.
The Chinese central banks digital currency DCEP adopts a two-tiered structure and requires operating institutions to participate in the secondary issuance of digital currency. This patent revealed in the background introduction that Alipay is likely to participate in secondary issuance, which is on an equal footing with commercial banks.
The decision-makers have also stated that the cryptocurrency may not have a blockchain necessarily but will comply with the traceability requirements of the digital asset. That said, the registered patents most important invention is how digital currencies can be traced.
Alipay decided to split the digital currency transactions into two; transaction execution instructions corresponding to each participant, and priority-based execution instruction. By sorting the results of transaction execution instructions, digital currency transactions can be traced back to the entire life cycle of digital currency circulation, while concurrent processing can be satisfied, which facilitates the controlled and anonymous circulation of cryptocurrencies.
Not just this, the second patent introduces a specific form of front-end encryption machine.
It can be a hardware device equipped with a secure computing environment. In the secure computing environment equipped with this hardware device, the public and private key equivalent data of the central bank can be maintained. This secure computing The environment can take on some of the cryptographic operations involved in the DC / EP distribution process.
Additionally, the patent released on 25th Feb provides a solution for the lack of supervision on crypto accounts. The patent introduces a method/device for controlling a digital currency account. Certain account restrictions will be deployed between each supervisor and the operating agency on the wallet server. This will help regulators to keep an account of the transactions.
Lastly, the most recent patent released on 17th March is about making transactions anonymous and how the cryptocurrency would be separate from cash money. The patent describes that digital currency is different from the electronic amount in the existing electronic account, but is the digitization of cash banknotes, which has the characteristics of a virtual entity.
Here is the original post:
Alipays Progress in Developing the Official Chinese Cryptocurrency Amidst the Global Chaos - TWJ News
- Bitcoin Technical Analysis: What's Next If The Cryptocurrency Breaks Below The $60,000 Level? - Forbes - June 26th, 2024
- Cryptocurrency Prices, Charts, and Crypto Market Cap | CoinGecko - June 26th, 2024
- 1 Top Cryptocurrency to Buy Before It Soars 12,000%, According to this CEO - Yahoo Finance - June 26th, 2024
- Exclusive: Mike Flood is shaking up Congress over cryptocurrency - Cointelegraph - June 26th, 2024
- 1 Top Cryptocurrency to Buy Before It Soars 12,000%, According to this CEO - The Motley Fool - June 26th, 2024
- COVID-induced social isolation drove cryptocurrency investment up 75% - Phys.org - June 26th, 2024
- Proof of Work vs. Proof of Stake: Unraveling the Heart of Cryptocurrency - TheStreet - June 26th, 2024
- Cryptocurrency fraud: How one company helps track and recover digital assets - FOX 7 Austin - June 26th, 2024
- Building the Cryptocurrency Ecosystem Together: JUHBZ Launches Global Community Collaboration Program #JUHBZ - Media OutReach - June 26th, 2024
- Man Convicted of Violent Home Invasion Robberies to Steal Cryptocurrency - U.S. Politics Today - June 26th, 2024
- Exclusive: Mike Flood is shaking up Congress over cryptocurrency - StartupNews.fyi - June 26th, 2024
- Instacoins Partners With Sandbanks Jets to Surpass 100 Cryptocurrency-Booked Flights - Travel And Tour World - June 26th, 2024
- The Ultimate Guide To Cryptocurrency In 2024: Advantages, Disadvantages, And Everything In Between - Blockchain Magazine - June 26th, 2024
- Correction in the cryptocurrency market: sign of trouble ahead? - Kitco NEWS - June 26th, 2024
- Trump courts cryptocurrency advocates with reported talks to speak at Bitcoin convention - Washington Examiner - June 26th, 2024
- Cryptocurrency: 3 Meme Coins Poised To Note 200% Spike This June - Watcher Guru - June 2nd, 2024
- Donald Trump goes from foe to friend on cryptocurrency - Axios - June 2nd, 2024
- Japan's DMM Bitcoin says over 48 billion of cryptocurrency lost - The Japan Times - June 2nd, 2024
- Japan's DMM Bitcoin says over $300 mln of cryptocurrency lost - Reuters - June 2nd, 2024
- The Path To Becoming A Millionaire With Cryptocurrency - The Crypto Basic - June 2nd, 2024
- Trump's reversal on cryptocurrency reeks of desperation and hypocrisy - MSNBC - June 2nd, 2024
- Coinbase vs. Robinhood: Which one is better for cryptocurrency investing? - KKCO - June 2nd, 2024
- Cryptocurrency: 3 Coins To Buy If You're A Die Hard Web3 Fan - Watcher Guru - June 2nd, 2024
- Cryptocurrency: Top 3 Coins To Buy For 2X Profits In June - Watcher Guru - June 2nd, 2024
- Cryptocurrency Payment Options for Safety in Various Industries - Innovation & Tech Today - May 15th, 2024
- Cryptocurrency: Mass Institutional Adoption Underway, with Bitcoin, BlockDAG Network, and Ethereum Value Surge - Yahoo Finance - May 15th, 2024
- The Ultimate Cryptocurrency to Buy With $1,000 - The Motley Fool - May 15th, 2024
- What Is Ether (ETH), the Cryptocurrency of Ethereum Apps? - Investopedia - May 15th, 2024
- Here Is What 6 Silicon Valley Giants Think About Cryptocurrency - CryptoPotato - May 15th, 2024
- Top 3 Cryptocurrency to Invest Now According to Reddit: Bitcoin, Ethereum, Furrever Token - Yahoo Finance - May 15th, 2024
- Solana Foundation Payments Head Discusses the Evolution of Cryptocurrency in Payment Ecosystems - CoinTrust - May 15th, 2024
- Bitcoin Coinbase Premium: Key to Predicting Cryptocurrency Trends? - West Island Blog - May 15th, 2024
- Cryptocurrency Price Today: Bitcoin Continues Roller Coaster Ride As It Dips Below $62,000 Again - ABP Live - May 15th, 2024
- Cryptocurrency Immutable Down More Than 7% Within 24 hours - Investing.com UK - May 15th, 2024
- Cryptocurrency Ethereum Classic Down More Than 3% Within 24 hours - Investing.com UK - May 15th, 2024
- May's Premier Cryptocurrency Picks: Surging Ethereum, Hump Token, and BlockDAG - The Merkle News - May 15th, 2024
- Cryptocurrency Filecoin Decreases More Than 3% Within 24 hours - Investing.com UK - May 15th, 2024
- Easy STPT Claim. Navigating the realm of cryptocurrency | by ATHVertcoinDecentralizedFinanceBroker | May, 2024 - Medium - May 15th, 2024
- Cryptocurrency Aptos Falls More Than 4% In 24 hours - Investing.com UK - May 15th, 2024
- 1 Top Cryptocurrency to Buy Before It Soars 5,000%, According to Cathie Wood - The Motley Fool - April 19th, 2024
- Cryptocurrency Prices And News: Bitcoin Falls Below $63000 Ahead Of Halving - Investor's Business Daily - April 19th, 2024
- Central Bank of Fiji Warns About Penalties For Purchasing Cryptocurrency Regulation Bitcoin News - Bitcoin.com News - April 19th, 2024
- Cryptocurrency Market News: Spot Bitcoin ETFs Shift to Outflows Ahead of Halving - Investopedia - April 19th, 2024
- Cryptocurrency: 3 Coins To Buy for Long-Term (10x) Profits This Bull Run - Watcher Guru - April 19th, 2024
- Cryptocurrency: Top 3 Coins That Could 10X In The Bull Run - Watcher Guru - April 19th, 2024
- RANAEX Revolutionizes Cryptocurrency Trading with Team Introduction and Licensing Milestone - AccessWire - April 19th, 2024
- Cryptocurrency: Top 3 Coins To Watch This Weekend - Watcher Guru - April 19th, 2024
- 1 Top Cryptocurrency to Buy Before It Soars 3,186%, According to Cathie Wood - The Motley Fool - April 19th, 2024
- Bitcoin halving on deck here's what to expect (Cryptocurrency:BTC-USD) - Seeking Alpha - April 19th, 2024
- Cryptocurrency: 3 Coins That Could 2X Post Bitcoin Halving - Watcher Guru - April 19th, 2024
- 3 Must-Know Facts About Solana, Before You Buy the Cryptocurrency - The Motley Fool - April 19th, 2024
- Cryptocurrency: Top 3 Coins to Watch This Week - Watcher Guru - April 19th, 2024
- Bitgets COO takes center stage to discuss the future of Cryptocurrency at Blockchain Life Week 2024 - ZyCrypto - April 19th, 2024
- Cryptocurrency Arbitrum's Price Increased More Than 4% Within 24 hours - Benzinga - April 19th, 2024
- M20 Chain and MCoin: Pioneering the Future of Cryptocurrency - NewsBTC - April 19th, 2024
- Cryptocurrency: 3 Coins That Could Hit All-Time Highs This Week - Watcher Guru - April 19th, 2024
- 1 Super Cryptocurrency Could Soar to $200,000 by 2025, According to a Wall Street Analyst - The Motley Fool - March 21st, 2024
- Compass Coffee Makes a Bold Move By Accepting Cryptocurrency in D.C. - Eater DC - March 21st, 2024
- Beyond Viral Trends: Ecoterra's Mission for Sustainable Wealth in the Cryptocurrency World - Yahoo Finance - March 21st, 2024
- Montenegro appeals court confirms 'cryptocurrency king' will be extradited to South Korea - Fox News - March 21st, 2024
- BBB: What you need to know about cryptocurrency fraud - WATN - Local 24 - March 21st, 2024
- Cryptocurrency Price on March 20: Bitcoin tumbles 6% to below $61,000 ahead of Fed meet outcome - The Economic Times - March 21st, 2024
- I Made $31,000 by Investing In This High-Risk Stock and Cryptocurrency - Yahoo Finance - March 21st, 2024
- When Will The Cryptocurrency Market Bounce Back Up? - Watcher Guru - March 21st, 2024
- The Trump-themed "MAGA" token has appreciated more than 700% is it the next hot cryptocurrency trend? - KTVZ - March 21st, 2024
- SEC seeks to classify ether as a security - report (Cryptocurrency:ETH-USD) - Seeking Alpha - March 21st, 2024
- Shiba Inu Is Skyrocketing: Is It a Top Cryptocurrency to Buy Right Now? - The Motley Fool - March 21st, 2024
- ETMarkets Emerging Investment Opportunities: Minting confidence in cryptocurrency, Edul Patel dives into the Bitcoin ... - The Economic Times - March 21st, 2024
- The Ultimate Cryptocurrency to Buy With $1,000 Today - Yahoo Finance - March 21st, 2024
- This Is Arguably the Most Important Use Case for Bitcoin and Cryptocurrency, According to Brian Armstrong - The Daily Hodl - March 21st, 2024
- Goldman Sachs Predicts the Future of the Cryptocurrency Market - Watcher Guru - March 21st, 2024
- Bitcoin slips to about $63,000 as the cryptocurrency tracks for third straight losing day - MSN - March 21st, 2024
- Montenegro court confirms mogul known as 'cryptocurrency king' to be extradited to South Korea - Bowling Green Daily News - March 21st, 2024
- Game Changer: How Cryptocurrency is Revolutionizing the Sports Industry - CryptoDaily - March 21st, 2024
- Cryptocurrency: Top 5 Coins To Buy During The Dip - Watcher Guru - March 21st, 2024
- Backsliding Bitcoin (BTC) and Ethereum (ETH) Drop 10%, Cryptocurrency Professor Anticipates Option2Trade Will Fill ... - The Portugal News - March 21st, 2024
- 1 Top Cryptocurrency to Buy Before It Soars 2,139%, According to Cathie Wood - The Motley Fool - March 13th, 2024
- Trump indicates he might be tolerant of cryptocurrency if elected - Cointelegraph - March 13th, 2024
- Cryptocurrency Miners Need to Report their Energy Use - Earthjustice - March 13th, 2024
- Cryptocurrency: 3 Coins Trading in Cents Set To Reach $1 - Watcher Guru - March 13th, 2024